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Q&A Forum

Extinguishment of Employee Debt

Anonymous
(VP Finance)
A number of years ago, the company accepted a promissory note from an employee for purpose of acquiring 25,000 shares of its stock at $2 per share. The stock would be paid for with empl...
18 Views | 0 Answers/Comments

Tax for employee options

Anonymous
(Finance/Accounting)
We give employee stock options. Naturally at a given time, some of the options are vested, some are not. If company is sold for cash, how do we make sure: (1) vested portion (which we ...
656 Views | 0 Answers/Comments

are vendor's rebates subject to tax ?

Anonymous
(manager)
I buy merchandise from a reseller company for full price but i sell it at discounted price because they offer me a rebate from the discounted merchandise. I'm i supposed to pay tax on t...
823 Views | 1 Answers/Comments

Property Tax treatment for temp stores

Anonymous
(Fixed Asset Accountant)
My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecti...
875 Views | 0 Answers/Comments

Property Tax treatment for temp stores

Anonymous
(Fixed Asset Accountant)
My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecti...
935 Views | 0 Answers/Comments

Help w IRA Rollover/Recharacterization

Anonymous
(Medical)
Hello. I'm in dire need of some advice. I made non deductible contributions to an IRA thinking I could easily convert it over to a ROTH IRA. So I did exactly that about 4 times last ye...
1880 Views | 0 Answers/Comments

Officer liquidates stock options - what form do i need to file?

Jae Lee
Title: Senior Accountant
Company: SURKUS
(Senior Accountant at SURKUS)
Hi, We have a formar officer who sold the stock options in 2017 so basically, we paid him 100k and he bought it for $500 back in 2015. What tax form do i need to use to file? I think...
389 Views | 0 Answers/Comments

how can I review the filing status of an LLC

Anonymous
(Accounting Manager)
I am new (contractor) to this company and received a notice from the owner saying that an old 940 filing was delinquent. It is from 2016. The owner claims that the IRS also has the e...
455 Views | 0 Answers/Comments

As a Vacation Rental (s corp) property manager....should I include sales tax on the 1099 misc to the property owners?

Anonymous
(Manager)
660 Views | 1 Answers/Comments

Taking advantage of new corporate taxes - Where am I going wrong?

Anonymous
(Student)
Hello, The situation I have is I want to move pre-tax funds (payment for services) from company A (I do not own) to company B (I do own) this is as simple as writing a check. As of r...
1846 Views | 0 Answers/Comments

How have you accounted for the new tax law?

Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com)
What changes have you made to your COA? What spending practices have you changed?
2145 Views | 0 Answers/Comments

S corp owned investment property

Anonymous
(Owner)
Hi all. I am helping a family member who has been holding an investment property for many years in an s corp (bad, I know). Due to depreciation and the rise in market value, his basis i...
2907 Views | 0 Answers/Comments

Meals are essentially no longer deductible under the new tax law

Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com)
What do you see as the fall-out to the company, business culture and the bottom line of not only your company but your favorite "meal" establishments?
2793 Views | 0 Answers/Comments

Schedule O Form 1120

Yelena Sivaya
Title: Finance and Compliance Officer
Company: Advanced Combat Solutions Inc.
(Finance and Compliance Officer at Advanced Combat Solutions Inc.)
Hey Guys, I have a question: I am filing a consolidated return for a small parent-sub group (both are c-corps). Do I have to necessarily file schedule O (form 1120) along with the form...
2638 Views | 0 Answers/Comments

Is Lighting on a Leasehold Improvement considered Section 179 depreciation expense or standard

Adam Brown
Title: Student
Company: The University of South Dakota
(Student at The University of South Dakota)
A client has spent a considerable amount on electrician expenses during there improvement project and the lighting is not permenently fastened to the building. would it qualify as a 179...
2400 Views | 0 Answers/Comments

Sales Tax Question

Anonymous
(Accountant)
Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales t...
3594 Views | 3 Answers/Comments

Tax withholding for nonresident alien employees?

Anonymous
(Owner)
As a US-based online business, I have several employees living in the Philippines (citizens of Philippines). Are the wages I pay them considered to them to be US source income? Am I req...
3330 Views | 1 Answers/Comments

tax related guidance for doing business in Massachusetts

Anonymous
(Sr. International Accountant)
Does anybody know of what we might need to know tax wise related to doing work in Massachusetts? We are legal services related attorney firm. Thanks!
2734 Views | 2 Answers/Comments

Tax Submission

Anonymous
(Director of Finance)
While it isn't currently my primary business, I did prepare taxes fro a couple of clients this year for a fee. We received back a letter from the IRS listing penalties and interest ...
1674 Views | 2 Answers/Comments

Basics on VAT

Srikanth lakshminarayanan
Title: SR.ASST MANAGER-FINANCE
Company: PANSONIC MARKETING MIDDLEEST FZE
(SR.ASST MANAGER-FINANCE at PANSONIC MARKETING MIDDLEEST FZE)

I would like to have basic knowledge on VAT which is going to be implemented in UAE.

309 Views | 1 Answers/Comments

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